Given the ongoing crisis, we have created this page to help you navigate the new and complex landscape and various new government reliefs. We have included guides and templates which can assist you in this difficult period and will be updating this page with any news or developments as they happen.
We have also provided advice and guidance through our client webinars where we discuss all legal and accounting advise and impacts and will continue to do so as required. Below you can find details of any upcoming webinars and access links to the videos and all information included on our previous sessions.
15% VAT cut for hospitality and tourism sector extended to end March 2021.
HMRC “Time to Pay” self-service facility – 12 month extension can now be deferred further under a formal Time to Pay arrangement. The tax due must be paid by 12 monthly instalments from February 2021– January 2022. If the tax deferred is £30,000 or less, there will be an online facility to request the Time To Pay arrangements. Where tax deferred is > £30,000 a phone call will need to be made to HMRC to agree the arrangement.
All government coronavirus loan schemes are extended until the end of November 2020 (Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme, Bounce Back Loan Scheme and Future Fund.)
Investment in Public services
£68.7 billion of additional funding has been approved by the Treasury, including £24.3 billion since the Summer Economic Update in July. HS2 going ahead.
Job support Scheme
Details can be found on our downloadable presentation here.
The message from Boris Johnson (September 2020):
Office workers who can work from home effectively, should do so and anyone who cannot work from home, should go to their place of work.
So how do you decide this with your employees?
Employers should, in consultation with each employee, determine whether the employee can carry out their normal duties from home effectively, and if they can, then they should work from home. However, where it is determined that an employee cannot work from home, then subject to any conditions such as serious health issues, the employer can ask the employee to return to work.
Must employers stop their return to the office plans?
Consult with your employees regarding effectively & safely working from home.
Things you should discuss and consider can be found on our downloadable presentation here.
If you are feeling a little confused in this world of uncertainty and over information. Here are the top ten things to focus on:
Don’t spend it! Delay everything you can.
The Government is allowing delays on PAYE, VAT, pretty much everything if you ask them. Take it and save your cash. This pandemic is likely lasting two years; you need a panic fund at all points. Remember to document why you are holding the cash so as not to become an investment company (ask your accountant).
Unfortunately there are some groups without govt support. Most notably Dividend Directors, and the start up community.
Thankfully something has now been announced for the start up community.Click here for more info
Also there is a movement to increase the attractiveness of EIS and SEIS relief for investors which you may like to support.Sign the petition
The Government has developed Coronavirus related support packages tool that helps businesses try to determine what support they might be eligible for.View here
If you are seeking to raise money for your business, through private or venture investment - we believe the only current practical solution is to use an ASA – an Advanced Subscription Agreement.
It allows you to raise money now, for a future promise at equity – at a pre agreed, and often discounted price. You do not have to set a valuation (crucial in the current crisis), and crucially it is compatible with EIS/SEIS relief – almost essential if you want to raise private finance in the UK.
We have enclosed here a template guide to assist you in that manner. With all the obvious caveats. Please feel free to use it, please get advice. And obviously we cannot be held responsible for anything that might happen with this template – unless you get advice from us. We just provide this to help as best we can.Download ASA template
Copyright © 2013 - Oury Clark.